Russia has laid out ambitious plans and programs for the future of their country, among them modernizing transportation infrastructure, developing innovative industries and technologies, and enacting pro-growth reforms. Key plans and programs in Russia’s ambitious plans and programs for growth include expanding and modernizing rail networks while modernizing existing ones; expanding port, airports and waterway services while building roads and highways to connect all these developments; as well as creating special economic zones to make doing business easier in Russia. The government plans on relaxing regulations so businesses are attracted more readily when conducting businesses can do business there – something Russia is committed to doing to make business more attractive.
Russia has invested significantly in innovation and technology development by creating high-tech parks and innovation clusters as well as research-and-development centers. The government also plans to increase public-sector investment in R&D while creating more favorable conditions for venture capital investment.
Moscow government recently unveiled several reform initiatives aimed at stimulating and maintaining economic growth, such as cutting corporate profits tax rates, softening regulations for foreign investments and passing new laws to foster competition. Additionally, the Russian government is encouraging public-private partnerships as an innovative means to spur both innovation and competition in business. Their plans and programs for the future are ambitious in nature and aim to foster innovation while encouraging economic development; other programs seek to prepare students for job market entry.
As one example, the Federal Agency for the Development of the Information Society provides students access to IT training programs and courses. Skolkovo Institute of Science and Technology offers vocational training and internship programs to prepare students who aspire to pursuing a career in technology. To meet its goal, the government has devised ambitious programs designed to stimulate growth across numerous fields – finance, technology, energy, infrastructure – with one such being Far East Development Fund (FEDF).
FEDF works to boost economic development in Russia’s underdeveloped Far Eastern region through infrastructure investments, business financing and development plans and special economic zones across Primorsky province. Projects supported by this Fund include an international financial center in Vladivostok as well as special economic zones throughout Primorsky; additionally its plans encompass Digital Economy programs.
This program’s objective is to increase Russia’s adoption of digital technologies by creating an e-government system and an electronic business platform as well as initiating projects focused on expanding IT infrastructure and skills development. Russia will invest in technologies like IoT, AI and Big Data in order to become one of the global leaders for digital innovation. Finally, its energy and environmental policies are covered under its plan. Establishing new energy sources and setting higher efficiency standards are central objectives of this program. Renewable energies like solar and wind will be promoted, while efforts will be undertaken to curb emissions from traditional forms of energy production.
Construction projects for high-speed railways and ports as well as investments into modern telecommunications networks as well as improving transportation networks have all taken place within Russia to modernize its economy and prepare it for entry into digital age. However, Russia can certainly take credit for taking steps forward toward digitalization of economy and transition into digital economy era.